Battle of Ideas

The Challenge of Concepts starts in 1914 demonstrating a world having a global economic climate that is in that case torn aside by World War We. This created the economic development, world control, and globalization all the way to the 1980's. The documentary talks about how the community first shifted toward even more government control and then began to move apart for most of the 20th century. During this time two young economists emerge in hope to fix the world's economic difficulties, John Meynard Keynes and Friederich Von Hayek. The storyline then concentrates on the problems that occur between the suggestions of the two economists. Keynes, whose suggestions on government intervention centered much of the 20th century, and Hayek, in whose free-market tips were largely ignored before the economic entree of the 70's. Throughout the film it gives a better understanding of how a world and different economies are influenced by socialism, capitalism, and the reds. In Asian Europe, The african continent, and most of South America the result was socialism, which lead to more financial hardship. In Western Europe and the Us the result was booming economies. The interesting thing about the film is how the theories and ideas of two those who claim to know the most about finance could be so influential throughout the 20th century that they nonetheless continue to enjoy a key role in today's culture. The Russian Revolutionary Battle in 1917 was the beginning of a communism economy, when the government is important to allocate resources and goods. Through the past 100 years there has been a continuous battle of ideas regarding economic coverage. One is a really hands-on strategy with regard to the role of government in economics. The other calls for the federal government not to interfere but allow market care for itself. These two theories have gone through cycles of being accepted and turned down as good economical policy during the last century. Hayek continuously tried to prove that if perhaps government were to interfere with our economy it would create a massive...